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Financial Statements 2 Test 20

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Financial Statements 2 Test 20
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  • Question 1
    1 / -0
    While preparing final account, to make provision for bad debts which of the following adjustment entry will be passed?
    Debtors A/c
    To Profit & Loss A/c
    		Dr.
    Provision for Bad Debts A/c
    To Debtors A/c
    		Dr.
    Provision for Bad Debtors A/c
    To Trading A/c
    		Dr.
    Profit & Loss A/c
    To Provision for Bad Debts A/c
    		Dr.
  • Question 2
    1 / -0
    While preparing final account, to record outstanding income which of the following adjustment entry will be passed?
    Income A/c
    To Outstanding Income A/c
    		Dr.
    Outstanding Expenses A/c
    To Income A/c
    		Dr.
    Profit & Loss A/c
    To Outstanding Income A/c
    		Dr.
    Outstanding Income A/c
    To Income A/c
    		Dr.
  • Question 3
    1 / -0
    While preparing final account, to adjust prepaid expenses which of the following adjustment entry will be passed?
    Prepaid Expenses A/c
    To Expenses A/c
    		Dr.
    Outstanding Expenses A/c
    To Prepaid Expenses A/c
    		Dr.
    Prepaid Expenses A/c
    To Outstanding Expenses A/c
    		Dr.
    Prepaid Expenses A/c
    To Profit & Loss A/c
    		Dr.
  • Question 4
    1 / -0
    ____________ are those entries which are passed at the end of each accounting period for the purpose of adjusting various nominal and other accounts so that true net profit or loss is indicated in profit and loss account and the balance sheet represents a true and fair view of the financial position of an enterprise.
  • Question 5
    1 / -0
    While preparing final account, to adjust income received in advance which of the following adjustment entry will be passed?
    Income Received in Advance A/c
    To Income A/c
    		Dr.
    Income A/c
    To Income Received in Advance A/c
    		Dr.
    Income Received in Advance A/c
    To Outstanding Income A/c
    		Dr.
    Income Received in Advance A/c
    To Profit & Loss A/c
    		Dr.
  • Question 6
    1 / -0
    While preparing final account, to record bad debts which of the following adjustment entry will be passed?
    Debtors A/c
    To Bad Debts A/c
    		Dr.
    Bad Debts A/c
    To Debtors A/c
    		Dr.
    Bad Debts A/c
    To Profit & Loss A/c
    		Dr.
    Debtors A/c
    To Provision for Bad Debts A/c
    		Dr.
  • Question 7
    1 / -0
    While preparing final account, to record goods are distributed as free samples- which of the following adjustment entry will be passed?
    Advertisement A/c
    To Capital A/c
    		Dr.
    Advertisement A/c
    To Purchase A/c
    		Dr.
    Advertisement A/c
    To Trading A/c
    		Dr.
    (B) or (C)
  • Question 8
    1 / -0
    While preparing final account, to record closing stock which of the following adjustment entry will be passed?
    Purchases A/c
    To Stock A/c
    		Dr.
    Trading A/c
    To Stock A/c
    		Dr.
    Stock A/c
    To Trading A/c
    		Dr.
    Stock A/c
    To Capital A/c
    		Dr.
  • Question 9
    1 / -0
    While preparing final account, to record commissions payable to manager- which of the following adjustment entry will be passed?
    Profit & Loss A/c
    To Commission Payable A/c
    		Dr.
    Commission Payable A/c
    To Profit & Loss A/c
    		Dr.
    Manager A/c
    To Commission Payable A/c
    		Dr.
    Profit & Loss A/c
    To Manager A/c
    		Dr.
  • Question 10
    1 / -0
    If goods are sold to customers on approval basis and consent is not received during the accounting periods which of the following adjustment entries are passed?
    Debtors A/c Dr.
    To Sales A/c
    		&Trading A/c Dr.
    To Stock A/c
    Sales A/c Dr.
    To Debtors A/c
    		&Stock A/c Dr.
    To Trading A/c
    Sales A/c Dr.
    To Stock A/c
    		&Debtors A/c Dr.
    To Stock A/c
    Debtors A/c Dr.
    To Trading A/c
    		&Trading A/c Dr.
    To Stock A/c
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